State Administration of Foreign ExchangeSAFEPeople's Republic of China |
|
| The SAFE fund (State
Administration of Foreign Exchange) is an organization of the People's
Republic of China in charge for the regulations of foreign exchanges, and
managing of the reserves coming from Chinese foreign exchanges. SAFE is
headquarted in Beijing and it has branches in Singapore, Hong Kong, New York
and London.
Due to the increase in Chinese exportations, in recent years SAFE's funds increased significantly. At the end of 2006, China's reserves is approximately in U.S. dollar assets for 70% of the reserves, in euros for the 20% and in other currencies for the remaining 10%. The functions of the State Administration of Foreign Exchange are mainly related to the management of the Chinese Balance of Payments (BOP). The ranking of the State Administration of Foreign Exchange fund in terms of asset among the Sovereign Wealth Funds is lower than the one of Abu Dhabi Investment Authority, Government Pension Fund, Government Investment Corporation, and Libyan Investment Authority.
Loading...
|
|
The renminbi (which means "people's currency") (ISO 4217 code: CNY; symbol: ¥) is the money of the People's Republic of China. The monetary authority of the People's Republic of China is by the People's Bank of China, that issues the renminbi since 1948. Hong Kong and Macau, as special administrative regions, have their own respective currencies: Hong Kong dollar and Macanese pataca.
The principal unit of this currency is the yuan, that is subdivided into 10 jiao, each of then con be further subdivided in 10 fen. The meaning of yuan in Chinese is round, due to the shape of the coins.
The production of the notes and coins in Renminbi is carried out by the China Banknote Printing and Minting (CBPMC) a state owned corporation headquartered in Beijing with a network of printing and minting facilities around all the country. Banknote printing facilities are located in Beijing, Baoding, Chengdu, Kunshan, Nanchang, Shanghai, Shijiazhuang, and Xi'an. Coin Minting facilities are located in Nanjing, Shanghai, and Shenyang.
Copyright © SovereignWealthFundInvestments.com